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EUR/GBP range bound near 0.7020

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - EUR/GBP is echoing the consolidative pattern of both the sterling and the single currency at the end of the Asian session, hovering over the0.7020/25 band so far.

    EUR/GBP focus on EMU data

    The European cross seems to have found some decent support around the 0.7000 handle so far, although it remains vulnerable in light of the upcoming ECB meeting. It is worth mentioning that rumours of additional measures by the European Central Bank has been behind the offered tone surrounding the single currency as of late.

    On the data front, EMU’s credit figures are due later in the session: October’s Private Loans and M3 Money Supply, followed by the German Consumer Confidence tracked by Gfk.

    EUR/GBP important levels

    As of writing the cross is up 0.03% at 0.7023 with the next resistance at 0.7101 (23.6% Fibo of 0.7496-0.6979) ahead of 0.7194 (100-day sma) and finally 0.7208 (200-day sma). On the other hand, a breach of 0.6985 (low Nov.17) would open the door to 0.6948 (low Aug.5) and then 0.6934 (2015 low Jul.17).
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